Property shares remained out of favour in November and continued to stand back from the general improvement in the stock market’s fortunes.
The FTSE all-share index gained 8.6% over the month while property virtually stood still. At one point last week, the FTSE property index came to within a whisker of its all-time low relative to the rest of the market.
A clutch of half-year results during the month gave mixed messages to investors. Some said demand is holding up, while others were more cautious.
This week’s full-year offerings from MEPC and Shaftesbury did not shed much more light on which direction the market is heading.
MEPC chief executive James Tuckey said that it was “too early to predict the course of property values in 1999”.
But Hillier Parker confirmed this week what many in the market have already suspected – that yields are going up for the first time since 1996.
According to HP’s quar-terly figures, average yields have risen by 0.2% to 7.5% in the three months to October.
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Property Shares: The Month’s Biggest Movers |
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|
Market Cap (£m) |
Share price at 27/11/98 (p) |
Change on the month (p) |
Change on the month (%) |
|
|
Top 10 Gainers |
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|
1. Carisle Holdings |
217.8 |
19.8 |
4.5 |
29.5 |
|
2. Cleveland Trust |
27.2 |
91.0 |
16.0 |
21.3 |
|
3. Green Properties |
406.8 |
365.0 |
52.5 |
16.8 |
|
4. Countrywide |
411.5 |
224.0 |
16.0 |
16.3 |
|
5. Quintain Estates |
138.0 |
151.5 |
21.0 |
16.1 |
|
6. Estate & Agency |
31.2 |
510.0 |
70.0 |
15.9 |
|
7. Freeport Leisure |
150.5 |
373.5 |
43.0 |
13.0 |
|
8. Pillar Properties |
425.0 |
256.0 |
28.5 |
12.5 |
|
9. Dunloe Ewart |
106.6 |
29.0 |
2.8 |
10.5 |
|
10. Minerva |
236.3 |
185.0 |
17.5 |
10.4 |
|
Top 10 Losers |
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|
1. Regalian Properties |
32.1 |
18.3 |
-3.0 |
-14.1 |
|
2. Scottish Metropolitan |
95.5 |
73.0 |
-11.0 |
-13.1 |
|
3. Benchmark Group |
163.4 |
135.5 |
-14.5 |
-9.7 |
|
4. Moorfield Estates |
27.3 |
19.0 |
-2.0 |
-9.5 |
|
5. London & Associated Properties |
16.9 |
22.3 |
-2.3 |
-9.2 |
|
6. Peel Holdings |
408.4 |
530.0 |
-52.5 |
-9.0 |
|
7. Savills |
50.8 |
95.0 |
-9.0 |
-8.7 |
|
8. Capital & Regional Properties |
153.2 |
156.0 |
-14.0 |
-8.2 |
|
9. Town Centre Securities |
80.0 |
64.5 |
-5.5 |
-7.9 |
|
10. MEPC |
1,409.0 |
406.3 |
-27.3 |
-6.3 |
|
FTSE all-share index |
2665.8 |
8.6 |
||
|
FTSE property index |
1,745 |
0.1 |
||
|
Source: Datastream |
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Pricewaterhouse Coopers Corporate Finance contacts: Sarah Whitney/Jonathan Harrison: 0171 212 4978
The table shows property share price movements for companies with a market capitalisation above £15m for the past month, and is for general guidance only. The information is derived from a variety of sources which are believed to be reliable, although its accuracy cannot be guaranteed, If you are contemplating an investment in any of the companies referred to, you should consult an independent financial adviser and note that past performance is not necessarily a guide to the future.
